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India's overall oilmeal exports up 38 pc in 2022-23, rapeseed doubled

New Delhi [India], November 18 (ANI): India's overall oilmeal exports so far during the current financial year - April to October - were 38 per cent higher year-on-year at around 1.97 million tonnes, data compiled by vegetable oil industry body The Solvent Extractors' Association of India (SEA) showed.

During the same period last fiscal, the export of oil meals was at 1.43 million tonnes.

Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed.

In the month of October, exports of the commodity were provisionally reported to be at 213,154 tonnes compared to 157,590 tonnes the same month last year, up by 35 per cent.

It is important to note that the export of rapeseed meal so far in 2022-23 has more than doubled to 1.34 million tonnes compared to 658,230 tonnes same period last year, thanks to record crop and crushing resulted in the highest processing, availability of rapeseed meal for exports.

Currently, India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other far east countries, the vegetable oil industry body said. These three countries are the major importers of Indian oil meals.

"With the likely little further fall in international soybean meal price due to higher crushing, resulting into ample supplies of soybean meal in the International market and expected good Indian soybean crop in current Kharif season with substantial carry forward, crushing and acreage has increased in last few days," it said on soybean meal.

The export of soybean meal from India is expected to pick up rapidly increase in the coming months. The Indian soybean meal has also the advantage of being a non-GM variety and is preferred in certain European countries. (ANI)